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FINANCIAL NEWS
France Telecom owns 94% of Egypt’s Mobinil for USD3.15b
28 May 2012
(MENAFN) France Telecom bought 94 percent, or 93.9 million shares, of Egypt’s top mobile operator Mobinil from its local venture partner, Orascom Telecom Media and Technology (OTMT)for USD3.15 billion, Reuters reported.
The French group, already the biggest shareholder in Mobinil, bought most of the venture’s shares it did not already own.
Egypt is a key part of France Telecom’s strategy to expand in high-growth emerging markets such as Africa and the Middle East. Egypt is the Arab world’s most populous country, with more than 80 million people.
Mobile subscriptions in Egypt rose 25 percent to 91.1 million in the year to March, according to official figures.
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